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FHA's Flip Waiver Expires January 31st, 2011!

By Catherine Eusea

Mortgage and Lending with Prospect Mortgage

January 11, 2011 04:07 PM

Are your listings and buyers ready?

So far FHA has not renewed the Flip Waiver and starting with new case numbers pulled on or after February 1st, 2011 will be subjected to the previous flip provisions as specified in FHA Mortgagee Letter 06-14.

Per HUD requirements, the fully executed purchase contract (signed by both the buyer and seller) must be dated on or before January 31, 2011. HUD allows no exceptions to this rule.

We will continue to offer this product until it expires and I will update this blog if the Flip Waiver is extended.

Do you have questions or need creative solutions, please call me, I'm happy to help!

Catherine Eusea
Selling Branch Manager
NMLS# 237244
970-223-8300 Direct
720-300-6777 Cell
877-260-7114 Fax
catherine.eusea@prospectmtg.com
www.EuseaTeam.com

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Jeffrey DiMuria 321.223.6253 Waves Realty

Waves Realty - Melbourne, FL

Florida Space Coast Homes

I hope everyone who is involved in these types of deals read this article...thanks for the timely reminder.

Jan 11, 2011 04:16 PM

Catherine Eusea

Prospect Mortgage - Fort Collins, CO

Mortgage Lender

My pleasure, I'm hoping that someone with FHA has some sense to renew this waiver!

Jan 11, 2011 04:19 PM

Mary Hillerman

Crye-Leike Realtors® - Bentonville, AR

Good Morning Catherine, common sense and FHA in the same sentence.... kind of scary! Have a great week and we can only hope they extend the waiver.

Oct 18, 2011 01:37 AM

FHA's Flip Waiver Expires January 31st, 2011!

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